Guideline Value for New Colony 15th Cross Street

New Colony 15th Cross Street guideline value

The current guideline value of New Colony 15th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024. This street is located in Zaminpallavaram village under the Pallavaram SRO, classified as Commercial Class I Type - III.

How the guideline value of New Colony 15th Cross Street has changed

The guideline value for New Colony 15th Cross Street has undergone several revisions over the years. In 2003, the value was Rs 827 per sq.ft, which increased to Rs 1,058 per sq.ft in 2007. The next revision in 2012 saw the value rise to Rs 4,000 per sq.ft, but it then decreased to Rs 2,680 per sq.ft in 2017. Following this, the value increased significantly to Rs 4,000 per sq.ft in 2023, and the most recent revision in 2024 set the value at Rs 4,400 per sq.ft. The register has no figure for this street in 2002.

From 2017 to 2023, the guideline value increased by 49%, and from 2023 to 2024, it rose by 10%. The period from 2007 to 2012 saw a remarkable increase of 278%, while the value increased by 28% from 2003 to 2007. Overall, from 2003 to 2024, the guideline value has increased by 432%.

Guideline values in Zaminpallavaram

In Zaminpallavaram, there are 638 streets under the Pallavaram SRO with a 2024 guideline value ranging from Rs 2,100 to Rs 11,000 per sq.ft. The median value is Rs 3,300 per sq.ft, positioning New Colony 15th Cross Street above this median.

• New Colony 14th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 16th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 13th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 17th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 12th Cross Street: Rs 4,400 per sq.ft (2024)
• New Colony 18th Cross Street: Rs 3,850 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 15th Cross Street

For a 1,000 sq.ft plot at the current rate of Rs 4,400 per sq.ft, the guideline value amounts to Rs 44,00,000. The stamp duty at 7% would be Rs 3,08,000, and the registration fee at 2% would be Rs 88,000, together totaling Rs 3,96,000. Duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers New Colony 15th Cross Street?

The Sub Registrar Office covering New Colony 15th Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Zaminpallavaram

The guideline value plays a crucial role in the registration process of property transactions in Zaminpallavaram. It serves as a benchmark for calculating stamp duty and registration fees, ensuring that the government receives the appropriate revenue from property sales.

When buying or selling property, the guideline value is used to determine the minimum price at which a property can be registered. This helps maintain transparency in property transactions and prevents undervaluation.

Frequently asked questions

What is the current guideline value of New Colony 15th Cross Street?

The current guideline value of New Colony 15th Cross Street is Rs 4,400 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 827 per sq.ft in 2003 to Rs 4,400 per sq.ft in 2024, reflecting an overall increase of 432% over this period.

What is the land classification of New Colony 15th Cross Street?

New Colony 15th Cross Street is classified as Commercial Class I Type - III, which indicates its suitability for commercial activities.

Where can I find the Sub Registrar Office for New Colony 15th Cross Street?

The Sub Registrar Office for New Colony 15th Cross Street is the Pallavaram Sub Registrar Office, located at 7th Main Road, New Colony, Chromepet, Jameen Pallavaram, Chennai-600044.

How is the stamp duty calculated for properties in New Colony 15th Cross Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 44,00,000, the stamp duty would be Rs 3,08,000 at the rate of 7%.